CVCI invests $56m in Indian automotive parts maker
Citi Venture Capital International (CVCI) has invested INR3.4 billion ($56.48 million) in automotive and aerospace component maker Sansera Engineering for a “substantial” stake, the firm said.
Sansera's international customers include Harley-Davidson, Ducati, Piaggio, Yamaha and General Motors Korea. It also supplies parts to Maruti Suzuki, Tata, Bajaj and Honda in India. Since 2006 it has been in a joint venture with Italian rocker arm manufacturer Streparava, supplying to customers like UD Trucks and Volvo Power Train.
The funds will be used for business expansion. F.R. Singhvi, joint managing director at Sansera, said the partnership gives the company the additional financial strength and international credibility to take advantage of ongoing developments in the global supply of automotive and aerospace components, which Indian companies are seeking to play a role in.
The company operates seven manufacturing and machining plants across the states of Karnataka, Maharashtra, Uttarakhand and Haryana.
Sansera reported consolidated revenue of about INR5.5 billion for the year ended March 31.
The Indian auto component industry is expected to reach a turnover worth US$ 113 billion by 2020-21 from US$ 43.4 billion in 2011-12, according to the Automotive Component Manufactures Association. Exports are expected to see compound annual growth of 17% during 2012-21.
Warburg Pincus acquired a minority stake in auto component maker Avetec earlier this year. The GP is also invested in Amtek Auto, alongside ChrysCapital Partners.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.